KUWAIT CITY, March 7: Kuwait Energy Company, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced the discovery of a new oil well in the northern area of Burg El-Arab (BEA) field in the Egyptian western desert,  one of its producing assets in Egypt’s Western Desert.
The newly discovered well BEA N-1X is located in a separate fault block in the northern part of the field.   The well was production tested on December 22, 2009 and produced at an initial rate of 280 barrels of 33 API oil per day with no water.
KEC believes that there is excellent exploration potential within the Burg El-Arab block, both in the current producing horizons as well as in the deeper Jurassic formation.
KEC made this discovery only two months after taking over operatorship. The operatorship of BEA was transferred from Gharib Oil Fields to KEC on August 4, 2009 as part of the agreement whereby KEC acquired a further 25 percent working interest from Gharib Oil Fields, increasing KEC’s total working interest in the BEA field to 75 percent.
KEC Deputy Chairman and CEO, Sara Akbar, said:  “The new discovery is another milestone for KEC’s exploration efforts in Egypt.  We continue to work closely with the Egyptian government on development and exploration plans.  We are proud of our Exploration and Operations team in Egypt and its high-quality technical expertise. This discovery is a result of their ongoing efforts.
“Our aggressive exploration and production plans go hand-in-hand with our continuous and intensive focus on health, safety and environmental issues. I am particularly happy, in this context, to announce that our team in Egypt has achieved one-year of incident-free operations, and I would like to thank all our staff for this achievement”.
She also asserted that this discovery comes following two months of turning the operation concession of Borg Al-Arab area from the State-owned Gharib Oil Services Company to the Kuwait Energy Company which now owns 25 percent as an extra quota making its operational quota increase to 75 percent compared with Gharib company that currently has 25 percent of the operational quota.
Akbar also pointed out that this new find is an achievement made by both Kuwait Energy and Egypt, stressing the continuity of development, exploration and production opertaions and expressing her appreciation for the company’s working team in Egypt who worked hard for making such remarkable successes drawing upon their high technical expertise.
She went on to say that the Kuwait Energy Company maintains its plans of expansion on oil exploration and production in the Middle East along with its full commitment to investment in the safety, health and environmental affairs in its processes as a year of work went by in Egypt without any accidents.
Kuwait Energy is non-state company that was founded in 2005 as an independent entity for exploring and producting oil and natural gas in the Middle East and north Africa and it is today one the most growing companies in the Middle East.
The company owns 42 branches in eight countries including Egypt, Yemen, Oman, Ukraine, Latvia, Russia, Pakistan, Cambodia as well as the operational rights in 14 branches including Egypt, Yemen, Ukraine, Russia and Latvia.